Big news from the labour front! The Indian government has rolled out four new labour codes that shake up how gig workers get their social security. What’s the big change? Platforms like Eternal and Swiggy must now chip in 1–2% of their annual turnover into a welfare fund for the gig workers they engage. The total contribution won't exceed 5% of payments made to these workers. This applies not just to food delivery but also ride-hailing apps like Uber, quick commerce apps like Blinkit, and big e-commerce names like Amazon India and Flipkart. How spicy will this cost be? Experts at Morgan Stanley estimate platforms might pay an extra Rs 1.5–2.5 per order on account of this. Bernstein analysts predict that Eternal and Swiggy’s earnings before interest, tax, depreciation, and amortization (EBITDA) could shrink by 25 to 70 basis points. Morgan Stanley sees an impact of 4 to 10% on EBITDA. Short-term margins might feel the heat, but don’t count these platforms out! Bernstein notes the long-term profit outlook remains strong as companies can tweak prices to cover these extra costs. JM Financial analysts say, “At a consolidated level, Eternal and Swiggy would have to contribute Rs 430 crore and Rs 260 crore, respectively, towards the social security fund... they would eventually pass on the additional burden to their end customers rather than absorb the impact.” Sounds like customers might foot the bill. Luckily, Eternal and Swiggy already provide about 1% of their revenue for insurance benefits to gig workers, softening the blow somewhat. Both companies have also said in official filings that these new laws won’t harm their business or finances in the long run. As expected, the stock market reacted swiftly. Eternal and Swiggy shares dropped nearly 2% early Monday but bounced back by afternoon to Rs 303.85 and Rs 388.95 respectively on the NSE. Meanwhile, new kid on the block Urban Company faced a tougher day with shares falling 3.5% to Rs 138. So, the new labour laws have stirred a flavorful mix of challenges and resilience for India’s gig economy stars. Will the price hike spice things up for customers, or create a smooth ride for workers? Time will tell!